Financing Feature In Pay Type Codes Financing Feature:
If you would like to use the Financed option or would like the ability to send costs to the job for credit card processing, you will first need to enable the Company Control 2 option Job Cost for Payment Type Codes. With this control enabled and proper set up completed, you will be able to add financing charges to your credit card Payment Type Codes for job costing purposes that will also impact Salesperson Commissions. It will also allow you to create Special Financing Codes—such as “6 Months Same As Cash”—that can be added as line items to add financing costs on a job. In order to use Financed as a Format Code, you will first need to set up a Product Code with a Factor ID of 09-for example “Financing Expense.” (Please Note: this percentage will only be used for job costing and commission purposes, and will not impact your financial records.) Once the Product Code has been set up, you can then set up Special Financing Charge Payment Type Codes via this module. (As a suggestion: if you wish to keep all of your Finance Payment Type Codes grouped together in the lookup box, you may want to consider using “0001”, “0002”, etc. or even “Z001”, “Z002” to keep them at the end of the lookup box list. Another suggestion is to use the 4-digit code already used by the Finance Company.)
In the Payment Type Code Maintenance module, once you enter a Code and Description, you will need to select Financed as the Format Code. At the Job Cost Percent field, type in the percentage associated with this special financing in whole numbers, i.e. “3” for 3%. In the Job Cost Product Code field, type in the new Product Code you created for Financing Expense. You can only use a Financed Payment Type Code in Order Entry. Once everything has been setup, you will use the Deposit option to enter a Financed Amount on the job—this will write a line on the job displaying the Financing Expense and display the amount financed in the Price field—though you will have to hit enter on the line to view it on screen. In the Cost field, the system will display the amount that will be factored into job cost for the financing expense. This line item will print out on the Sales Agreement and Invoice (if you choose to display line items) showing the Amount Financed but it will not display a cost. The Work Order will display the Financed Amount above the C.O.D. Amount field so the installer will know not to collect a balance. This line item will also display in the Job Costs screens with the corresponding financing expense.
If you enter an Amount to be Financed in excess of the total on the job, the system will display a message box prompting Amount Financed Correct? and will also display the current Job Balance and the Amount Financed. If correct, select “Yes;” otherwise, select “No” and the system will allow you to re-enter an amount. Also, if you later add an item to the Job and the finance amount changes, you can simply re-enter through the Deposit screen and override the previous entry by following the prompts. The system will then re-write a new Special Charge Financing Expense line and make it the last line on the Job.
When the Job is complete, you will invoice the Job, which will set up a Receivable for the Customer and when you receive payment from the Finance Company, you can apply it to the Customer’s balance in A/R Post Customer Payments. If you need to cancel a Financed Job, you need to delete the Deposit and that will clear the data on the Special Charge Financing Expense line on the job. Please Note: These Finance Payment Type Codes will not appear in the lookup box from the Receive Money feature and they will not appear on the Customer Payment Register or the Payment Distribution Report, as they do not send any value to the G/L Account.
You can also add costs to a job based on credit card usage. To set this up, you will need to have the Company Control 2 option enabled as explained above. You can then enter into the Payment Type Code Maintenance setup box for each of your credit cards, and type a percentage cost for the credit card in the Job Cost Percentage field. You will then enter an applicable Product Code in the Job Cost Product Code field. You can use the same Product Code as suggested above for Financing Expense or create a new one for this purpose. Once this has been set up in the system, when you select a credit card payment type—either in Order or Quote entry—the system will write a Special Charge Line with a cost and no sale and you will be able to view the cost in the Job Cost screens. This line will not print on the Sales Agreement, Invoice or Work Order. It is only for job costing purposes and commission calculations, and will not impact your financial records. If you take a second Deposit using a credit card, the system will write a second line to the Job with those additional costs. If you delete or make changes to a Deposit amount, the system will automatically adjust the Special Charge Line item.
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